People know Sun City for its wonderful climate, which makes it an ideal place for retirement. Although retirement can be a time filled with relaxation and enjoyment, there are also some important responsibilities to consider.
Thinking about what will happen to your assets after you pass away is crucial. If you fail to plan for your wealth distribution after death, your hard-earned assets may end up in probate, where the courts make decisions about what to do with them.
Basics of estate planning
Estate planning is not something that is only for the wealthy. Anyone with assets can benefit from taking the time to plan out how they want to distribute those assets after their death. Usually, property is one of the main assets that people want to plan for in estate planning. But comprehensive estate planning is a combination of tools that allow you to decide the administration of your affairs after your death. These include a will that indicates your wishes after your death and may also involve setting up a trust and deciding about granting power of attorney. Power of attorney becomes essential if you should fall ill and become incapacitated and no longer able to make your wishes known. You can grant power of attorney for financial matters and health decisions.
Why estate planning is important
You may have heard people talk about probate. Estate planning is important because it can help you avoid probate. The state handles the probate courts, and their purpose is to administer and distribute a deceased person’s assets. When you have a comprehensive plan for your assets after death, the courts do not have to step in and make the decisions about how to distribute your wealth because you have already done so. Estate planning is a valuable tool that can help your heirs and loved ones avoid costly and stressful legal procedures.
If you would like to start estate planning in Sun City, the first step is to contact a qualified estate planning attorney. A lawyer with experience in helping retirees in estate planning can guide you through the process and create a plan that is custom-tailored to your needs.